Business
New Joint Venture Company
New Joint Venture Company.
About this update from Severfield Plc
[{"type":"text","content":"\n Severfield-Rowen PLC \n03 February 2006\n\n3 February 2006\n\n\n SEVERFIELD-ROWEN PLC\n\n New Joint Venture Company - Steel UK\n\n\nSeverfield-Rowen Plc ('Severfield-Rowen'), the market leading structural steel\ngroup, and Murray Metals Group ('MMG'), one of the UK's largest structural steel\nand specialist metal suppliers, announce the creation of a new joint venture\ncompany - Steel UK Ltd ('Steel UK').\n\n\n\nSteel UK has been created to enable its founders, who will have a combined\nstructural steel requirement of approximately 300,000 metric tonnes per annum,\nto conduct their structural steel purchasing activities. As a result, Steel UK\nwill be one of the largest buyers of steel in Europe.\n\n\n\nThe formation of Steel UK is a key strategic development for its founding\nmembers and results from the ongoing consolidation of the steel industry. Steel\nUK, which will be jointly directed by senior executives of Severfield-Rowen and\nMMG, is an amalgamation of end-user and distributor and, as such, will have\nmajor synergy potential.\n\n\n\nThe two companies will remain independent and separate in their core operating\nfields of Constructional Steelwork Contracting and Steel Stockholding.\n\n\n\nCommenting on this announcement, Peter Levine, Chairman, Severfield-Rowen, said:\n\n\n\n'The formation of Steel UK will enable both companies to optimise our\nsignificant volume and logistics capabilities. We would expect to see long term\nbenefits to Severfield-Rowen from this joint venture.'\n\n\n\nFor further information please contact:\n\nSeverfield-Rowen Peter Levine 0113 246 9993\n\nFinancial Dynamics Richard Mountain 020 7269 7291\n\n\n\nNotes to Editors\n\n\nSeverfield-Rowen Plc consists of: Severfield-Reeve Structures Ltd, Watson Steel\nStructures Ltd, Rowen Structures Ltd and Atlas Ward Structures Ltd.\n\n\nMuray Metals Group consists of: Austin Trumanns Group, Forth Steel Ltd,\nMulti-Metals, Northern Steel Stocks Ltd, Apollo Metals, Ireland Alloys Ltd and\nPremier Alloys Ltd.\n\n\n\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]